Vietnam Fintech Digital Remittances Market Size | 2019-2033

Vietnam Fintech Digital Remittances Market Growth and Performance

• Vietnam fintech digital remittances market size is expected to witness substantial growth in the coming years, expanding at a CAGR of XX.0%, to achieve market value of US$ X5 Billion by 2033.
• The individual consumers segment stood at US$ XX0.8 Million in 2023.

Vietnam Fintech Digital Remittances Market Outlook

Vietnam fintech digital remittances market is undergoing a transformative shift, driven by strategic partnerships, technological advancements, and supportive government policies. In 2024, remittances to Vietnam reached approximately $16 billion, reflecting the confidence of overseas Vietnamese in the country's economic stability. Ho Chi Minh City alone accounted for $9.55 billion of this total, marking a 0.9% increase from the previous year.

A significant development in this sector is the partnership between FinFan and the Vietnam Maritime Commercial Joint Stock Bank (MSB), established on December 20, 2024. This collaboration aims to digitalize cross-border payment solutions, providing advanced payment infrastructure and services for individuals and businesses in Vietnam. By integrating with global remittance providers like Thunes, Remitly, and Ria Money Transfer, FinFan and MSB are streamlining cross-border payment flows, making transactions faster, safer, and more cost-effective.

The growth of Vietnam digital remittance market is further propelled by increasing smartphone penetration, rising internet usage, and government initiatives promoting digital financial services. The National Financial Inclusion Strategy and fintech regulations have created a favorable environment for innovation in digital payments. Advancements in mobile wallets, blockchain, and AI are expected to enhance transparency, security, and efficiency in the remittance landscape.

In 2024, Vietnam recorded 3.5 billion cashless transactions valued at over $2.64 trillion, with QR code transactions alone surging by 170% to reach 183 million transactions worth $4.64 billion. The State Bank of Vietnam reported 9.13 million mobile money accounts and 128 million transactions worth $191 million in the first half of 2024. Despite challenges like fraud and technological competition, banks and payment intermediaries are investing heavily in security technologies to enhance customer experience.

The partnership between IDEMIA Secure Transactions and the National Payment Corporation of Vietnam (NAPAS) is another milestone in enhancing Vietnam's digital payment infrastructure. By integrating IDEMIA's Token Platform into NAPAS's network, connecting over 40 banks, the initiative aims to cater to Vietnam's predominantly young population, many of whom own multiple smartphones and prefer modern, contactless payment options.

In summary, Vietnam fintech digital remittances market is experiencing rapid growth, driven by strategic partnerships, technological advancements, and supportive government policies. These developments are enhancing financial inclusion, promoting economic growth, and transforming the country's financial landscape.

Vietnam Fintech Digital Remittances Market Scope